GBPUSD Weekly Analysis – October 16, 2016

GBPUSD is in consolidation of the downtrend from 1.3444. Range trading between 1.2050 and 1.2600 would likely be seen over the next several weeks. Resistance is at 1.2600, as long as this level holds, the downtrend could be expected to resume after consolidation, only a break of 1.2600 level could signal completion of the downtrend.